For community banks in smaller markets, traditional checking acquisition direct mail programs fail to deliver on three counts:
- Their 0.2% average response rate makes generating a positive campaign ROI almost impossible
- 30%+ of new accounts acquired attrite within the first 12 months and
- The focus on “Free” devalues the community bank brand.
Our approach, developed for a $330-million community bank, integrates direct mail, staff-led community events, and social media to present a broader offer of value. The approach reinforces the community bank brand and so far in test markets has generated an ROI of $6.80.